The Shanghai Cooperation Organization Summit opened in Kazakhstan on Wednesday, 2024. During the two-day event, member countries discussed regional security, trade agreements, and currency appreciation.
China has advocated for a de-dollarization plan and opposes Western financial institutions while promoting alternatives to the US dollar. The government has been pushing for de-dollarization at all summits, including this one. Russia is also discussing alternatives to the US dollar with member countries and encouraging the use of the Chinese yuan or the Russian ruble for oil payments.
Read more: 
BRICS Countries: China Announces Support for New Asian Nations to Join
Sanctions imposed by the US on Russia after the 2022 invasion of Ukraine have driven China’s de-dollarization agenda at the 2024 SCO Summit. The SCO consists of China, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. Additionally, Belarus may be invited to join the alliance this year.
China and Russia are leading the push for the use of their currencies at the summit and providing de-dollarization education to developing countries. The purpose of the summit is to formulate new policies in this regard during the two-day meeting.
Source: 